11 Jun 2015
WTI supported near $60.20
FXStreet (Edinburgh) - The barrel of West Texas Intermediate is losing more than 1% on Thursday, although it has managed to leave session lows in the $60.20 area.
WTI weaker on USD, mixed IEA report
The re-emergence of the bid tone around the US dollar has been weighing on the USD-denominated assets today, keeping prices for the black gold subdued albeit trading in a narrow range. A solid print from US retail sales for the month of May gave further wings to the greenback as well, adding further downside pressure to WTI at the same time.
In addition, a mixed report from the International Energy Agency said global demand for crude oil will be higher this year, although the supply growth will also remain firm.
WTI key levels
The barrel of WTI is retreating 1.04% at $60.79 and a breach of $58.23 (low Jun.9) would open the door to $57.83 (low Jun.4) ahead of $57.72 (low May 29). On the upside, the immediate hurdle lies at $61.82 (high Jun.10) ahead of $62.27 (high May 12) and finally $62.40 (high May 7).
WTI weaker on USD, mixed IEA report
The re-emergence of the bid tone around the US dollar has been weighing on the USD-denominated assets today, keeping prices for the black gold subdued albeit trading in a narrow range. A solid print from US retail sales for the month of May gave further wings to the greenback as well, adding further downside pressure to WTI at the same time.
In addition, a mixed report from the International Energy Agency said global demand for crude oil will be higher this year, although the supply growth will also remain firm.
WTI key levels
The barrel of WTI is retreating 1.04% at $60.79 and a breach of $58.23 (low Jun.9) would open the door to $57.83 (low Jun.4) ahead of $57.72 (low May 29). On the upside, the immediate hurdle lies at $61.82 (high Jun.10) ahead of $62.27 (high May 12) and finally $62.40 (high May 7).